講座1題目：Relative bond-stock liquidity and capital structure choices

時(shí)間：10月5日15:00-16:30

講座2題目：Pitching Research Matters

時(shí)間：10月5日16:30-17:30

地點(diǎn)：博學(xué)樓925

主講人：Robert Faff

主講人簡(jiǎn)介：

Professor Robert Faff (FASSA) has an international reputation in finance research: securing 15 ARC grants ($4 million+); 350+ refereed journal publications; 20,000+ career citations; Google h-index of 72. His particular passion is nurturing the career trajectories of novice researchers. Robert has supervised (examined) 50 (50+) PhD student graduates (dissertations). Building on a 40-year academic career, his signature focus is "Pitching Research“[https://ssrn.com/abstract=2462059],  with 23,000+ downloads; 400+ pitching talks/events; at 37 Australian universities; and spanning >50 countries. Further, he is Editor-in-Chief of Pacific-Basin Finance Journal and the Founder & President of the InSPiR2eS research network and creator of the InSPiR2eS Centre for Responsible Science.

羅伯特-法夫教授（FASSA）在金融研究領(lǐng)域享有國(guó)際聲譽(yù)：獲得15項(xiàng) ARC 基金（400 萬(wàn)美元以上）；發(fā)表 350多篇經(jīng)審閱的期刊論文；職業(yè)生涯中被引用 20,000多次；谷歌h指數(shù)為72。他尤其熱衷于培養(yǎng)新晉研究人員的職業(yè)軌跡。羅伯特已指導(dǎo)（審查）了50 多名博士畢業(yè)生（論文）。在長(zhǎng)達(dá)40年的學(xué)術(shù)生涯中，他的主要研究方向是 "鋪設(shè)研究"[https://ssrn.com/abstract=2462059]，下載量超過(guò)23,000次；在37所澳大利亞大學(xué)舉辦過(guò)400多次推銷講座/活動(dòng)；足跡遍布>50個(gè)國(guó)家。此外，他還是《太平洋盆地金融期刊》（Pacific-Basin Finance Journal）的主編、InSPiR2eS 研究網(wǎng)絡(luò)的創(chuàng)始人和主席，以及 InSPiR2eS 負(fù)責(zé)任科學(xué)中心的創(chuàng)建人。

講座1內(nèi)容簡(jiǎn)介：

This paper investigates whether the relative liquidity of a firm's bonds versus its stock affects its capital structure choice. As capital structure decisions involve balancing the costs and benefits of different financing alternatives, the relative liquidity of bonds versus stock plausibly matters since a relative liquidity differential might lead to one financing option being materially (relatively) cheaper than the other. As predicted, we find some evidence that, other things being equal, firms with relatively more liquid bonds compared to stock have higher leverage. While the relationship between bond-stock relative liquidity and leverage is statistically significant, our evidence suggests that it comes with only modest economic importance.

本文研究了企業(yè)債券與股票的相對(duì)流動(dòng)性是否會(huì)影響企業(yè)的資本結(jié)構(gòu)選擇。由于資本結(jié)構(gòu)決策涉及平衡不同融資方案的成本與收益，債券與股票的相對(duì)流動(dòng)性似乎很重要，因?yàn)橄鄬?duì)流動(dòng)性差異可能會(huì)導(dǎo)致一種融資方案比另一種方案更便宜（相對(duì)）。正如我們所預(yù)測(cè)的那樣，我們發(fā)現(xiàn)一些證據(jù)表明，在其他條件不變的情況下，與股票相比，債券流動(dòng)性相對(duì)較高的公司的杠桿率更高。雖然債券-股票相對(duì)流動(dòng)性與杠桿率之間的關(guān)系在統(tǒng)計(jì)上是顯著的，但我們的證據(jù)表明，這種關(guān)系的經(jīng)濟(jì)重要性并不高。

講座2內(nèi)容簡(jiǎn)介：

“Pitching Research” (Faff, 2015) is a research planning framework (based on a small set of organizing principles – namely, to be structured, brief, simple, methodical, clear, & focused). The framework challenges a (novice) researcher to effectively communicate their research ideas to an academic field expert. You have a total budget of 1,000 words ± 20%, to be allocated across 11 items. (A) Working Title – 10-12 words. (B) Research Question – 20-30 words (1-2 sentences). (C) Key Papers – 60-70 words (3 papers). (D) Motivation – 150-200 words (4-6 sentences or dot points). (E) Idea; (F) Data; & (G) Tools – 100-150 words each (3-6 dot points each). (H) Novelty; (I) “So What?”; & (J) Contribution – 50-100 words each (2-4 sentences each). (K) “Other Considerations” – 50-100 words (3 dot points). The current paper digs deeper on all these elements, gives practical guidance and, above all, is designed to be an enduring compass for all researchers on the “hazardous” journey of scientific discovery.

"鋪設(shè)研究"（Faff，2015 年）是一個(gè)研究規(guī)劃框架（基于一小套組織原則--即有條理、簡(jiǎn)短、簡(jiǎn)單、有方法、清晰和有重點(diǎn)）。該框架要求（新手）研究人員向?qū)W術(shù)領(lǐng)域的專家有效傳達(dá)自己的研究想法。字?jǐn)?shù)預(yù)計(jì)為 1,000 字（± 20%），分配給 11 個(gè)項(xiàng)目。(A) 工作標(biāo)題 - 10-12 個(gè)字。(B) 研究問(wèn)題--20-30 個(gè)字（1-2 句話）。(C) 主要論文 - 60-70 字（3 篇論文）。(D) 動(dòng)機(jī) - 150-200 個(gè)字（4-6 句話或要點(diǎn)）。(E) 觀點(diǎn)；(F) 數(shù)據(jù)；以及 (G) 工具--各 100-150 字（各 3-6 點(diǎn)）。(H) 新穎性；(I) "所以呢？"；(J) 貢獻(xiàn)--各 50-100 字（各 2-4 句）。(K) "其他考慮"--50-100 個(gè)字（3 個(gè)點(diǎn)）。本文對(duì)所有這些要素進(jìn)行了深入挖掘，并提供了實(shí)用指導(dǎo)，最重要的是，本文旨在成為所有研究人員在科學(xué)發(fā)現(xiàn)的 "危險(xiǎn) "旅程中的持久指南針。